M12 & VC PARTNER FEMALE FOUNDERS COMPETITION OFFICIAL RULES

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M12 & VC PARTNER FEMALE FOUNDERS COMPETITION OFFICIAL RULES 1. OVERVIEW The objective of this competition is to bring together the most promising early stage enterprise startups that have at least one female founder and are solving critical business problems. This competition consists of three (3) unique entry categories depending on location (each an entry region ): a. North America: United States, Mexico, & Canada b. Europe: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and United Kingdom c. Israel Entrants will compete against each other, with ten (10) finalists attending a finals event with a live pitch competition determining the final two (2) winners. M12 will be joining with notable venture capital funding partners who will be involved in judging and providing portions of prize winnings. EQT and SVB Financial Group (each a VC Partner ) are each an exclusive VC Partner for entrants in North America and Europe. SVB Financial Group is the exclusive VC Partner for entrants in Israel. 2. SPONSOR These Official Rules ( Rules ) govern the operation of the M12 & VC Partner Female Founders Competition ( Competition ). M12/Microsoft Corporation, One Microsoft Way, Redmond, WA, 98052, USA, is the Competition sponsor ( Sponsor ). EQT and SVB Financial Group, each a VC Partner, are prize providers. 3. DEFINITIONS In these Rules, "M12", Microsoft, "we", "our", and "us" refer to Sponsor and the VC Partners (collectively) and you and "yourself" refers to a Competition participant. By entering you agree as a representative of your company to be bound by these rules. 4. ENTRY PERIOD The Competition starts at 6:00 a.m. Pacific Time (PT) on July 26, 2018, and ends at 11:59 p.m. PT on September 30, 2018 and will consist of multiple phases as follows: Phase 1: July 26, 2018 September 30, 2018 will consist of the initial application submission and evaluation period. All entries must be received during Phase 1 to continue to advance in the Competition. Phase 2: October 1, 2018 November 9, 2018 Application evaluation and finalist selection. Finalists will be announced and contacted shortly after the evaluation period ends. Phase 3: Fall 2018* - will consist of in-person finals where finalists will pitch their proposal to a panel from M12 and funding partners. *Exact date TBD but take place no later than December 31, 2018.

5. ELIGIBILITY To participate: You must be a company legally incorporated or registered a business in a country that falls within one of the entry categories above; and At least one (1) founder/operator of each company must identify as female and be a legal resident 18 years of age or older in the region in which they are participating within; Your company must currently offer or intend to release a product, service, or platform which solves a critical business problem; such a product must be based on a model developed by the company, and/or be built with data obtained/generated by the company or a 3 rd party; Your company has raised no more than $4,000,000 USD (equity or loan) or equivalent amount using foreign exchange rates as of day of application. Employees and directors of Microsoft Corporation, each VC Partner, and its subsidiaries, affiliates, advertising agencies, and Competition Parties are not eligible, nor are persons involved in the execution or administration of this promotion, or the family members of each above (parents, children, siblings, spouse/domestic partners, or individuals residing in the same household). Void in Cuba, Iran, North Korea, Sudan, and Syria and where prohibited. If you are participating in your capacity as an employee, it is your sole responsibility to comply with your employer s gift policies. Microsoft and each VC Partner will not be party to any disputes or actions related to this matter. Microsoft and each VC Partner is committed to complying with government gift and ethics rules and therefore government and public sector employees are not eligible to enter. 6. HOW TO ENTER To enter, visit http://m12.vc (exact URL to be confirmed) and complete and submit an application that covers basic contact and company information, and addresses the following topics via written answers and a pitch deck consisting of 10 or less slides: Product and business offering Thesis supporting the offering Technological approach description of the proprietary technology utilized in the company s products/oggering Market size, target customers, traction (e.g PoCs, betas, paying customers, partnerships) and business model Uniqueness and competitiveness Funding basic data such as total amount raised, date of most recent round, Financial performance (if any) and projections until 2021 Team short team bios (including job titles and LinkedIn URLs), contact details File formats accepted are:.ppt,.pptx, or.pdf

There is a limit of one (1) entry per company overall. If your company has locations in multiple countries or within one or more entry region, please submit within the entry region in which your company is headquartered. 7. ELIGIBLE ENTRY To be eligible, an entry must meet the following content/technical requirements: Your entry must be your own original work; and Your pitch deck must be 10 or less slides and be in.ppt,.pptx, or.pdf format; and You must have obtained any and all consents, approvals, or licenses required for you to submit your entry; and To the extent that entry requires the submission of user-generated competition such as software, photos, videos, music, artwork, essays, etc., entrants warrant that their entry is their original work, has not been copied from others without permission or apparent rights, and does not violate the privacy, intellectual property rights, or other rights of any other person or entity. You may include Microsoft trademarks, logos, and designs, for which Microsoft grants you a limited license to use for the sole purposes of submitting an entry into this Competition; and Your entry may NOT contain, as determined by us in our sole and absolute discretion, any content that is obscene or offensive, violent, defamatory, disparaging or illegal, or that promotes alcohol, illegal drugs, tobacco or a particular political agenda, or that communicates messages that may reflect negatively on the goodwill of Microsoft or any of the VC Partners. 8. USE OF ENTRIES M12 and each of the VC Partners are not claiming ownership rights to your submission. However, by submitting an entry, you grant M12 and each VC Partner an irrevocable, royalty-free, worldwide right and license to use, review, assess, test and otherwise analyze your entry and all its content in connection with this Competition and feature your entry and all content in connection with the marketing, sale, or promotion of this Competition (including but not limited to internal and external sales meetings, conference presentations, tradeshows, and screen shots of the Competition entry in press releases) in all media (now known or later developed). You will not receive any compensation or credit for use of your entry, other than what is described in these Official Rules. By entering you acknowledge that the Sponsor and the VC Partners may have developed or commissioned materials similar or identical to your entry and you waive any claims resulting from any similarities to your entry. Further you understand that Sponsor and the VC Partners will not restrict work assignments of representatives who have had access to your entry and you agree that use of information in our representatives unaided memories in the development or deployment of Sponsor and the VC Partners products or services does not create liability for Sponsor and the VC Partners under this agreement or copyright or trade secret law. We are not obligated to use your entry for any purpose, even if it has been selected as a winning entry. 9. WINNER SELECTION AND NOTIFICATION Judging will consist of two (2) rounds as follows:

Round 1: During a 6-week period following Phase 1, a panel of judges consisting of members of M12 and each VC Partner will select 10 semi-finalists from among all eligible entries received based on the equally weighted judging criteria listed below. 1. Problem addressed 2. Market size and growth potential 3. Differentiated/disruptive solution 4. Technical depth and complexity 5. Performance and traction with customers 6. Ability of founding team to execute Finalists will then be invited to advance to the next stage of the Competition by being invited pitch their startup at the finals event held in San Francisco, California in Fall 2018. Finalists will be required to send at least one representative to the live competition to participate (unless other arrangements are agreed to by all parties in advance of the finals event). Finalists will have up to two (2) nights of their lodging provided by Sponsor but will need to cover their own transportation and meals during their stay. Round 2: At the finals event, Finalists will have 30 minutes (inclusive of Q&A) to pitch their startup vision to a panel of judges. At the end of each pitch, judges will evaluate based on the same equally weighted judging criteria listed above to determine the top winners as outlined below. Final winners will be announced on a date to be specified following the conclusion of the pitch competition, but instructions on how to claim the prizes will be sent to the winners separately during the days after the event. In the event of a tie between any eligible entries, an additional judge will break the tie based on the judging criteria described above. The decisions of the judges are final and binding. If we do not receive enough entries meeting the entry requirements, we may, at our discretion, select fewer winners than the number of Competition Prizes described below. 10. PRIZES 10 Finalist Prizes. Each finalist company will be awarded a two (2) night hotel stay of two (2) double occupancy rooms in the location of their local regional finals for up to four (4) employees. Approximate Retail Value (ARV) $1,200 USD. *All other travel costs including but not limited to, airfare, transportation, meals are the sole responsibility of the finalists. Two (2) Grand Prizes. Each winning company will receive: o $2,000,000 USD of funding from a combination of M12 and each VC Partner (pursuant to duediligence and agreement between parties). See additional prize terms and conditions below. o $250,000 USD in Azure credits for use over 2 years, and 100 Office 365 E3 licenses for use over 2 years (approximate retail value $72,000). The total Approximate Retail Value (ARV) of all prizes: $4,651,500. All amounts in USD. Additional prize terms and conditions: Azure credits and Office 365 licenses are good for 24 months and are subject to the terms and conditions listed at: https://azure.microsoft.com/en-us/support/legal/subscription-agreement/

The grand prize includes an investment in the winning companies by M12 and the VC Partners under the following terms and conditions: The investment will be in the form of a Convertible Loan Agreement and accompanying convertible promissory note ( CLA ) pursuant to the form of CLA presented by M12 and the VC Partners (subject to legally required changes in connection with the localization of the CLA for non-us companies), which such CLA will be for a finite term as determined by M12 and the VC Partners. The CLA shall convert into the most senior series of preferred stock a price per share not to exceed 3x the last post money valuation or a discount of 25% to the round price per share at the sole discretion of M12 and the VC Partners. The CLA will have a cap of no more than 3x higher than the last post-money valuation (or if the Company has only issued convertible notes (or similar convertible securities, including SAFE s) (the Notes ) in connection with its financing activities, no more than 3x higher than the most recent conversion price cap of such Notes) and/or or a discount of up to 25% to the round price per share at the sole discretion of M12 and VC Partners. The loan will be automatically convert to the series of equity issued pursuant to a preferred stock financing round with at least $2M equity financing from a new investor ( Qualified Round ). M12 and the VC Partners each will have the right to convert their loan to equity if the round is not a Qualified Round. Each VC Partner and M12 shall have the right to increase its ownership to up to 5% each (on fully-diluted post money basis, including conversion of all convertible securities) upon conversion of their notes. Each VC Partner and M12 shall be entitled to preemptive rights, and other stockholder rights granted to the company s lead investor, as well as board observation and information/inspection rights pursuant to each VC Partner and M12 s standard side letters. In case of a company sale, IPO or liquidation ( Exit ) before a conversion has been made, M12 and the VC Partners shall each have the option to convert its note into the Company s most recent series of preferred stock at a price per share equal to the most recent price per share of such series of preferred stock prior to winning the prize. In the event that the Company has only issued Notes, then M12 and the partnering fund s investment shall each have the option to convert into the Company s common stock at a price per share equal to the cap applicable to the Company s most recent issuance of Notes. In the event that such Notes do not have a cap, M12 and the VC Partners shall each have the option to convert its note to shares of common stock (or equivalent ordinary shares, etc.) at a price per share equal to the price at which common stock was issued by the Company or, if later, the exercise price of options most recently granted to employees (other than executives) of the Company. The provisions of the CLA shall provide that only M12 and the VC Partners shall invest in the Company pursuant to the CLA. M12 and the VC Partners shall not have a veto right over subsequent Note investments, but shall have MFN rights with respect to subsequent Note investments by other investors. We will only award one (1) prize per person/company during the Entry Period. No more than the stated number of prizes will be awarded. No substitution, transfer, or assignment of prize permitted, except that Sponsor reserves the right to substitute a prize of equal or greater value in the event the offered

prize is unavailable. Prizes will be sent no later than 28 days after winner selection. Prize winners may be required to complete and return prize claim and / or tax forms within the deadline stated in the winner notification. Taxes on the prize, if any, are the sole responsibility of the winner, who is advised to seek independent counsel regarding the tax implications of accepting a prize. By accepting a prize, you agree that Sponsor and each VC Partner may use your entry, name, image and hometown online and in print, or in any other media, in connection with this Competition without payment or compensation to you, except where prohibited by law. 11. ODDS The odds of winning are based on the number of eligible entries received. 12. GENERAL CONDITIONS AND RELEASE OF LIABILITY To the extent allowed by law, by entering you agree to release and hold harmless M12/Microsoft, each VC Partner, and each of their respective board members, parents, partners, subsidiaries, affiliates, employees and agents from any and all liability or any injury, loss or damage of any kind arising in connection with this Competition or any prize won. You hereby knowingly waive any and all rights and protections under California Civil Code Section 1542, which section reads as follows: A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor. The decisions of Sponsor and each VC Partner are final and binding. We reserve the right to cancel, change or suspend this Competition for any reason, including cheating, technology failure, catastrophe, war or any other unforeseen or unexpected event that affects the integrity of this Competition, whether human or mechanical. If the integrity of the Competition cannot be restored, we may select winners from among all eligible entries received before we had to cancel, change or suspend the Competition. Rules violators will be prosecuted to the full extent of the law and may be banned from participation in future promotions offered by M12 and each VC Partner. 13. GOVERNING LAW This Competition will be governed by the laws of the State of Washington, and you consent to the exclusive jurisdiction and venue of the courts of the State of Washington for any disputes arising out of this Competition. 14. WINNERS LIST The two winners will be posted to https://m12.vc/ during the winter of 2018-19 to align with public announcement following the conclusion of the pitch competition.